Okaloosa County BOCC — November 4, 2012 — Assignment of Lease Neal to Robbins

ASSIGNMENT OF LEASE This ASSIGNMENT OF LEASE FOR HANGAR SPACE, fully executed this day of , 2012, by and between JAMES L. NEAL, (hereinafter referred to as the “FIRST PARTY”) and PHIL ROBBINS/DBA ARMADA SYSTEMS, (hereinafter referred to as the “SECOND PARTY”). WITNESSETH: WHEREAS, the FIRST PARTY entered into an Hangar Lease Renewal, effective September 13, 2011, Assignment of Lease, effective November 18, 2008, Lease for Hangar Space Option, effective August 20, 2008, Assignment of Lease, effective October 16, 2001, Assignment of Lease, effective June 3, 1997, Original Lease Agreement, effective December 18, 1990, consisting of THREE THOUSAND THREE HUNDRED (3,300) square feet at the Destin/Ft. Walton Beach Airport with a current expiration date of September 30, 2031. WHEREAS, the SECOND PARTY, by execution of this ASSIGNMENT OF LEASE, and in consideration of approval by Okaloosa County of the same does hereby assume all responsibilities, duties, obligations, rights, and privileges as set forth in the original lease, and Assignment of Leases and Lease for Hangar Space Option, except as hereinafter stipulated, and does hereby expressly relieve and indemnify the FIRST PARTY against any duty or responsibility for the same. COUNTY hereby lets to SECOND PARTY and SECOND PARTY hereby hires and takes from COUNTY at the Destin/Ft. Walton Beach Airport in the County of Okaloosa, State of Florida (hereinafter referred to as *AIRPORT”), that certain location designated as Block 4 Lot | as shown on file in the office of the Airports Director, which is hereby incorporated herein by reference, and COUNTY hereby gives to SECOND PARTY permission to occupy and maintain one (1) hangar for the storage of individually- owned/corporate-owned aircraft at the aforesaid location. Additional aircraft may be stored in the hangar with proper notice to the COUNTY provided that proof of required insurance coverage is provided to the COUNTY. This Lease for Hangar Space (hereinafter called “LEASE”) is subject to all terms, covenants, conditions, and agreements to be kept, performed, and observed by the SECOND PARTY. SECTION 1: Change Section 6 a Ground Lease to read: LESSEE shall pay in advance an annual ground lease fee established by an independent appraisal. The fee shall be adjusted every year in accordance with Section 7. The ground lease and applicable sales tax will be billed annually, in advance, and is payable to the Airports Director, Okaloosa County Airports, 1701 Highway 85 North, Eglin Air Force Base, Florida, 32542-1498. The lease includes THREE THOUSAND THREE HUNDRED (3,300) square feet at ONE DOLLAR AND FIFTY CENTS ($1.50) per square foot per year for a total annual cost of FOUR THOUSAND NINE HUNDRED FIFTY DOLLARS ($4,950.00) plus tax. SECTION 2: Change Section 18: Insurance to read: a. LIABILITY: LESSEE agrees that LESSEE, shall, during the entire term or any extension of this LEASE, keep in full force and effect, a policy or policies of aircraft liability and public liability insurance with respect to the Leased Premises. The limits of aircraft liability and public liability shall not be less than ONE MILLION _($1,000,000.00) dollars Combined Single Limit (CSL) each. The COUNTY reserves the right to increase the minimal aircraft liability and public liability insurance requirements as circumstances may warrant. b. PROPERTY: The damage, destruction, or partial destruction of any permanent building or other improvement which is part of the Leased Premises shall not release LESSEE from any obligations hereunder nor shall it cause a rebate or an abatement in rent then due or thereafter becoming due under the terms hereof. In case of damage to or destruction of any such building or improvement, LESSEE shall at its own expense, promptly repair and restore the property to a condition as good or better than that existed prior to the damage or destruction. For purposes of assuring compliance with the foregoing, LESSEE agrees to maintain property insurance on any permanent building or improvement constructed on the Leased Premises in an amount not less than full replacement value of such building and its improvements and agrees that the proceeds from such insurance shall be used promptly by LESSEE to satisfy LESSEE’s repair and replacement obligation under this paragraph. LESSOR shall be listed as a joint loss payee with LESSEE on all property insurance policies unless LESSEE is required, under the terms of any mortgage or other security agreement, to name the lender therein as primary loss payee under such coverage. In that event the LESSOR, shall be named as second loss payee and any other loss payee shall be subsequent to that. c. All aircraft liability and public liability coverage shall be endorsed to include Okaloosa County as Additional Insured. In addition, all insurance policies shall contain a clause that the insurer will not cancel or change the insurance without first giving the COUNTY thirty (30) days prior written notice. Prior to occupying the Leased Premises and annually upon renewal, LESSEE shall furnish COUNTY a Certificate of Insurance evidencing all required insurance. The Certificate(s) of Insurance shall be delivered to the Contracts and Lease Coordinator, 602-C N. Pearl Street, Crestview, FL 32536. On request, LESSEE shall deliver an exact copy of the policy or policies including all endorsements. SECTION 3: Change Section 19: Notices to read: Any and all notices to be given under this LEASE may be served by enclosing the same in a sealed envelope and directed to the other party at its address and deposited in the mail as first class mail with postage therein paid. When so given, such notice shall be effective from the date of mailing. Unless otherwise provided in writing by the parties hereto, the address of the AIRPORT DIRECTOR is as follows: Okaloosa County Airports, 1701 Highway 85 North, Eglin Air Force Base, Florida 32542-1498. The address of the LESSEE is: Armada Systems, Phil Robbins, P.O. Box 307, Mary Esther, FL 32569. SECTION 4: This ASSIGNMENT OF LEASE consists of the following: Sections 1 — 4. It constitutes this entire Assignment of Lease of the parties on the subject matter hereof and may not be changed, modified, discharged, or extended except by written instrument duly executed by COUNTY and LESSEE. IN WITNESS, the parties hereto have executed these presents as of the day and year first above written. Cin ae Neal! MES L. NEAL FIRST PARTY ATTESTS: dO ri bag WITNESS $0 hp WITNESS WL PHIL ROBBINS/DBA ARMADA SYSTEMS SECOND PARTY ATTESTS: wns Naw tes WITNESS Yl by WITNESS IN WITNESS, the parties hereto have executed these presents as of the day and year first written above. BOARD OF COUNTY COMMISSIONERS OKALOOSA COUNTY, FLORIDA DON R. AMUNDS CHAIRMAN ATTEST: GARY J. STANFORD DEPUTY CLERK OF CIRCUIT COURT OKALOOSA COUNTY, FLORIDA ACKNOWLEDGMENTS STATE OF FLORIDA COUNTY OF OKALOOSA Before me, the undersigned officer duly authorized to take acknowledgments in the COUNTY and STATE aforesaid, personally appeared JAMES L. NEAL who, under oath, deposes and says that he is authorized to execute contracts and lease agreements and that he executed the foregoing instrument for the uses and purposes contained therein. Sworn and subscribed before me this S_ day of december , 2012, AD. Be fey NOTARY OO EO POL PPO LP ng gs oe" Pee, ‘otary Public State of Florida ee . * . David Edward Miner My Commission expires: a2. x My Commission DD925523 Foras Expires 11/23/2013 repeal - ACKNOWLEDGMENTS STATE OF FLORIDA COUNTY OF OKALOOSA Before me, the undersigned officer duly authorized to take acknowledgments in the COUNTY and STATE aforesaid, personally appeared PHIL ROBBINS who, under oath, deposes and says that he is authorized to execute contracts and lease agreements and that he executed the foregoing instrument for the uses and purposes contained therein. Sworn and subscribed before me this S_ day of Nece wie v__,2012, AD. Ban [E tp NOTARY FEN ng ng of Pua Notary Pubiic State of Florida e f © David Edward Miner My Commission expires: AS S ue Commission DD928528 OFF AAAAA PPP LPO P PP Pre Common Policy Declarations DECLARATIONS NAME AND ADDRESS OF AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street 00000 0000 Boston MA 02110 AGENCY NAME AND MAILING ADDRESS OF INSURED POLICY NUMBER 41-LX -086481932-0/000 PHIL ROBBINS AND ARMADA SYSTEMS POLICY PERIOD P.O. BOX 307 FROM: 10-01-12 TO: 10-01-13 MARY ESTHER FL 32569 at 12:01 A.M. standard time at the mailing address shown. THE NAMED INSURED IS : BUSINESS DESC : IN RETURN FOR THE PAYMENT OF THE PREMIUM, AND SUBJECT TO ALL THE TERMS OF THIS POLICY, WE AGREE WITH YOU TO PROVIDE INSURANCE AS STATED IN THIS POLICY. THIS POLICY CONSISTS OF THE FOLLOWING COVERAGE PARTS FOR WHICH A PREMIUM IS INDICATED. THIS PREMIUM MAY BE SUBJECT TO ADJUSTMENT. PREMIUM COMMERCIAL PROPERTY COVERAGE PART 592 COMMERCIAL GENERAL LIABILITY COVERAGE PART 232 COMMERCIAL CRIME COVERAGE PART NOT COVERED COMMERCIAL INLAND MARINE COVERAGE PART NOT COVERED COMMERCIAL AUTO COVERAGE PART NOT COVERED GARAGE COVERAGE PART NOT COVERED MISCELLANEOUS PROFESSIONAL LIABILITY NOT COVERED TOTAL ADVANCED PREMIUM $824 THE POLICY WRITING NONREFUNDABLE MINIMUM PREMIUM IS $100 FORMS AND ENDORSEMENTS APPLICABLE TO ALL COVERAGE PARTS 89644 (07-05) — IL0017 (11-98) 76105 (02-09) — PRG2040(07-06) PRG2023(07-05) —PRG7003(11-09) THESE DECLARATIONS AND THE COMMON POLICY DECLARATIONS, IF APPLICABLE, TOGETHER WITH THE COMMON POLICY CONDITIONS, COVERAGE FORM(S) AND FORMS AND ENDORSEMENTS, IF ANY, ISSUED TO FORM A PART THEREOF, COMPLETE THe ROVE, SUBBED PC ICY BY: AUTHORIZED REPRESENTATIVE 10-01-12 Page 1 of 5 Insured Commercial Property DECLARATIONS NAME AND ADDRESS OF AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street 00000 0000 Boston MA 02110 AGENCY NAME AND MAILING ADDRESS OF INSURED POLICY NUMBER 41-LX -086481932-0/000 PHIL ROBBINS AND ARMADA SYSTEMS POLICY PERIOD P.O. BOX 307 FROM: 10-01-12 TO: 10-01-13 MARY ESTHER FL 32569 At 12:01 A.M. standard time at the mailing address shown. BUILDING-1 PREM. NO. 1 BLDG. NO. 1 10011 AIRPORT RD DESTIN HANGAR COVERAGES PROVIDED INSURANCE AT THE DESCRIBED PREMISES APPLIES ONLY FOR COVERAGES FOR WHICH A LIMIT OF INSURANCE IS SHOWN COVERAGE CAUSE OF LOSS DED COINSURANCE LIMIT OF INSURANCE BULLDING SPECIAL-Incl theft 1,000 80% 100,000 OPTIONAL COVERAGES BUILDING: REPLACEMENT COST 10-01-12 Page 2 of 5 Insured Commercial Property DECLARATIONS NAME AND ADDRESS OF AGENCY 00000 0000 AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street Boston MA 02110 NAME AND MAILING ADDRESS OF INSURED PHIL ROBBINS AND ARMADA SYSTEMS P.O. BOX 307 MARY ESTHER FL 32569 EQUIPMENT BREAKDOWN Coverage: COMPREHENSIVE —- INCLUDING PRODUCTION MACHINES Deductibles: Property Damages Business Interruption: Consequential Damage: Other: POLICY NUMBER 41-LX -086481932-0/000 POLICY PERIOD FROM: 10-01-12 TO: 10-01-13 At 12:01 A.M. standard time at the mailing address shown. Program: EQUIPMENT BREAKDOWN TOTAL PROPERTY PREMIUM $592 LOSS PAYEES: CCB COMMUNITY BANK 1290 NORTH FERDON BLVD CRESTVIEW, FL 32536 TERRORISM RISK INSURANCE ACT FOR FLORIDA IS INCLUDED DESCRIPTION OF PROPERTY: $3 FORMS AND ENDORSEMENTS CP1032 (08-08) 97100 (05-08) 97064(03-08) 99079 (05-08) 97072(03-08) 99024 (05-08) APPLYING TO COMMERCIAL PROPERTY COVERAGE PART AND MADE PART OF THIS POLICY AT TIME OF ISSUE: 97069 (03-08) 96556(02/08) 100380 (12-08) 90611 (03-06) 100381 (12-08) THESE DECLARATIONS AND THE COMMON POLICY DECLARATIONS, IF APPLICABLE, TOGETHER WITH THE COMMON POLICY CONDITIONS, COVERAGE FORM(S) AND FORMS AND ENDORSEMENTS, IF ANY, ISSUED TO FORM A PART THEREOF, COMPLETE THE ABOVE NUMBERED POLICY. 10-01-12 Page Ent. BY: AUTHORIZED REPRESENTATIVE 3 of 5 Insured Commercial General Liability DECLARATIONS NAME AND ADDRESS OF AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street 00000 0000 Boston MA 02110 AGENCY NAME AND MAILING ADDRESS OF INSURED POLICY NUMBER 41-LX -086481932-0/000 PHIL ROBBINS AND ARMADA SYSTEMS POLICY PERIOD P.O. BOX 307 FROM: 10-01-12 TO: 10-01-13 MARY ESTHER FL 32569 At 12:01 A.M. standard time at the mailing address shown. LIMITS OF INSURANCE GENERAL AGGREGATE S$ 1,000,000 PRODUCTS-COMPLETED OPERATIONS AGGREGATE| §$ EXCLUDED PERSONAL INJURY & ADVERTISING INJURY $ EXCLUDED EACH OCCURRENCE $ 1,000,000 DAMAGE TO PREMISES RENTED TO YOU $ EXCLUDED ANY ONE PREMISES MEDICAL EXPENSE $ EXCLUDED ANY ONE PERSON STATE-1 LOCATION OF ALL PREMISES YOU OWN, RENT OR OCCUPY: Loc # 1: 10011 AIRPORT RD DESTIN PMS PDTS LOC CLASSIFICATION CODE PREMIUM BASIS RATE RATE 1 WAREHOUSES - PRIVATE - OTHER THAN NOT-FOR-PROFIT 68706 = AREA 2,500 PRODUCTS-COMPLETED OPERATIONS ARE SUBJECT TO THE GENERAL AGGREGATE LIMIT ADDITIONAL INSURED WAREHOUSES - PRIVATE - OTHER THAN NOT-FOR-PROFIT 68706 AREA IF ANY OKALOOSA COUNTY NORTHWEST FLORIDA REG AIRPORT PER FORM: CG2010 (07-04) 1701 STATE RD 85 N, #1 ELGIN AFB, FL 32542 10-01-12 Page 4 of 5 Insured Commercial General Liability DECLARATIONS NAME AND ADDRESS OF AGENCY 00000 0000 AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street Boston MA 02110 NAME AND MAILING ADDRESS OF INSURED PHIL ROBBINS AND ARMADA SYSTEMS P.O. BOX 307 MARY ESTHER FL 32569 POLICY NUMBER 41-LX -086481932-0/000 POLICY PERIOD FROM: 10-01-12 TO: 10-01-13 At 12:01 A.M. standard time at the mailing address shown. MANUSCRIPT FORMS: CG2142 (12-04) : EXCLUSION - SPECIFIED OPERATIONS LOCATION AND DESCRIPTION OF OPERATIONS: AS PER POLICY EXCLUDED HAZARDS: CG2144 (07-98) : LIMITATION OF COVERAGE TO DESIGNATED PREMISES OR PROJECT AS PER POLICY TERRORISM RISK INSURANCE ACT FOR FLORIDA IS INCLUDED $2 GENERAL LIABILITY PREMIUM $232 FORMS AND ENDORSEMENTS €62135 (10-01) cG0001 (12-07) 78689 (07-03) CG2143 (12-04) 87295 (01/08) €62137 (10-01) €62142 (12-04) 58332 (07-93) CG62145 (07-98) €62139 (10-93) C62144 (07-98) 82540 (04-05) APPLYING TO COMMERCIAL GENERAL LIABILITY COVERAGE PART AND MADE PART OF THIS POLICY AT TIME OF ISSUE: 62104 (11-85) 62147 (12-07) CG2146 (07-98) CG2138 (11-85) CG0220 (03-12) CG2155 (09-99) IL0021 (09-08) €62010 (07-04) CG2153 (01-96) THESE DECLARATIONS AND THE COMMON POLICY DECLARATIONS, IF APPLICABLE, TOGETHER WITH THE COMMON POLICY CONDITIONS, COVERAGE FORM(S) AND FORMS AND ENDORSEMENTS, IF ANY, ISSUED TO FORM A PART THEREOF, COMPLETE THE ABOVE NUMBERED POLICY. 10-01-12 Page AUTHORIZED REPRESENTATIVE 5 of 5 Insured FORMS SCHEDULE INSURANCE COMPANY NAME AND ADDRESS OF AGENCY Lexington Insurance Company 100 Summer Street 00000 0000 Boston MA 02110 AGENCY NAME AND MAILING ADDRESS OF INSURED POLICY NUMBER 41-LX -086481932-0/000 PHIL ROBBINS AND ARMADA SYSTEMS POLICY PERIOD P.O. BOX 307 FROM: 10-01-12 TO: 10-01-13 MARY ESTHER FL 32569 at 12:01 A.M. standard time at the mailing address shown. COMMON POLICY PACKAGE 89644 (07-05) COVERAGE TERRITORY FORM ILQ017 (11-98) COMMON POLICY CONDITIONS 76105 (02-09) FLORIDA - CANCELLATION/NON-RENEWAL ENDORSEMENT PRG2040 (07-06) MINIMUM EARNED PREMIUM PRG2023 (07-05) SERVICE OF SUIT FORM PRG7003 (11-09) ESTIMATED TAXES, ASSESSMENTS AND SURCHARGES COMMERCIAL PROPERTY FORMS CP1032 (08-08) WATER EXCLUSION ENDORSEMENT 97064 (03-08) BUILDING AND PERSONAL PROPERTY COVERAGE FORM 97072 (03-08) CAUSE OF LOSS - SPECIAL FORM 97069 (03-08) SUPPLEMENTAL DECLARATIONS 100380 (12-08) ORDINANCE OR LAW AMENDATORY ENDORSEMENT 100381 (12-08) COVG FOR LOSS TO THE UNDAMAGED PORTION OF A BLDG 97100 (05-08) COMMERCIAL PROPERTY CONDITIONS 99079 (05-08) EXCLUSION OF LOSS DUE TO VIRUS OR BACTERIA 99024 (05-08) FLORIDA CHANGES - LEGAL ACTION AGAINST US 96556 (02/08) 90611 (03-06) INTEGRATED PROPERTY INSURANCE SOLUTIONS WINDSTORM COMMERCIAL GENERAL LIABILITY FORMS 87295 (01/08) EXCLUSION-VIOLATION OF STATUTES IN CONNECTION WITH CG2145 (07-98) EXCLUSION - DAMAGE TO PREMISES RENTED TO YOU CG2135 (10-01) EXCLUSION-COVERAGE C-MEDICAL PAYMENTS CG2104 (11-85) EXCLUSION-PRODUCTS-COMPLETED OPERATIONS HAZARD IL0021 (09-08) NUCLEAR ENERGY LIABILITY EXCLUSION ENDORSEMENT CG2138 (11-85) EXCLUSION-PERSONAL AND ADVERTISING INJURY CG2137 (10-01) EXCLUSION-EMPLOYEES AND VOLUNTEER WORKERS AS INSUR CG2139 (10-93) CONTRACTUAL LIABILITY LIMITATION CG0001 (12-07) COMMERCIAL GENERAL LIABILITY COVERAGE FORM (OCCUR) CG2147 (12-07) EMPLOYMENT-RELATED PRACTICES EXCLUSION CG2010 (07-04) ADDITIONAL INSURED-OWNERS, LESSESS OR CONTRACTORS CG0220 (03-12) FLORIDA CHANGES - CANCELLATION & NONRENEWAL CG2142 (12-04) EXCLUSION- EXPLOSION, COLLAPSE AND UNDERGROUND PROP CG2144 (07-98) LIMITATION OF COVERAGE TO DESIGNATED PREMISES 78689 (07-03) FUNGUS EXCLUSION REVISED CG2146 (07-98) ABUSE OR MOLESTATION EXCLUSION CG2153 (01-96) EXCLUSION-DESIGNATED ONGOING OPERATIONS CG2155 (09-99) TOTAL POLLUTION EXCLUSION WITH A HOSTILE FIRE EXCP 10-01-12 Page 1 of 2 Insured GENERAL CHANGE ENDORSEMENT NAME AND ADDRESS OF AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street 00000 0000 Boston MA 02110 AGENCY NAME AND MAILING ADDRESS OF INSURED POLICY NUMBER 41-LX -086481932-0/001 PHIL ROBBINS AND ARMADA SYSTEMS POLICY PERIOD P.O. BOX 307 FROM: 10-01-12 TO: 10-01-13 MARY ESTHER FL 32569 at 12:01 A.M. standard time at the mailing address shown. EFFECTIVE 10-01-12 THIS POLICY IS AMENDED AS SHOWN COMMERCIAL PROPERTY For an additional/return premiums, the items below are changed as indicated: ADDING: OKALOOSA COUNTY NORTHWEST FLORIDA REGIONAL AIRPORT 1701 STATE RD 85 N, #1 ELGIN AFB, FL 32542 AS LIENHOLDER LOSS PAYEES: DESCRIPTION OF PROPERTY: OKALOOSA COUNTY NORTHWEST FLORIDA REG AIRPORT 1701 STATE RO 85 N, #1 ELGIN AFB, FL 32542 FORMS AND ENDORSEMENTS APPLYING TO COMMERCIAL PROPERTY COVERAGE PART AND MADE PART OF THIS POLICY AT TIME OF ISSUE: IL1207 (07-02) AUTHORIZED REPRESENTATIVE 11-28-12 Page 1 of 1 Insured FORMS SCHEDULE NAME AND ADDRESS OF AGENCY INSURANCE COMPANY Lexington Insurance Company 100 Summer Street 00000 0000 Boston MA 02110 AGENCY NAME AND MAILING ADDRESS OF INSURED POLICY NUMBER 41-LX -086481932-0/001 PHIL ROBBINS AND ARMADA SYSTEMS POLICY PERIOD P.O. BOX 307 FROM: 10-01-12 TO: 10-01-13 MARY ESTHER FL 32569 END. DATE: 10-01-12 COMMERCIAL PROPERTY FORMS IL1207 (07-02) 11-28-12 Page At 12:01 A.M. standard time at the mailing address shown. FLORIDA POLICY CHANGES 1 of 1 SIGNATURE OF AUTHORIZED REPRESENTATIVE Insured 10-4 we RECEIVED 2 [0-2-1 CONTRACT & LEASE INTERNAL COORDINATION SHEET Contract/Lease Number:_408-032/~-A/P Tracking Number: 9Q74/Z- Contractor/Lessee Name: jewmes L, NM eal { Purpose: FreL Yo id | Robbins _/ BRE Armadha sy ger $ AS GREATER THAN 510,000 [] $10,000 OR LESS Date/Term: Sup So 2? S / af wy Amount: 4,7 57°%? a-yeor p! s tan, Department : Aree f ts Dept. Monitor Name: a) av Lf wine r Purchasing Review Procurement requirements are met: Date: ; By Cc éase Coordinator V4 Risk Management Review Must shou) toot, soe Joe Approved as written: DA novenlo7 0 \ te: iin Aout Date: ollie wd Risk anagemetnt Director 4 County Aaorney Review 5 Re kay 3 Date: _/ L js wh ma Following Okaloosa County Board of County Commissioners approval: pypved County Attorney \ Contract & Grant Review Document has been appropriately reviewed and is executable: Date: Contracts & Grants Manager REVISED BY BCC 3-21-00 Dave Miner From: Gary Real Sent: Monday, November 26, 2012 5:01 PM To: Dave Miner Subject: RE: Property Insurance wording That looks great. Gary R. Real Risk Manager, Okaloosa County Florida 850-689-5979 Please note: Due to Florida's very broad public records laws, most written communications to or from County employees regarding County business are public records, available to the public and media upon request. Therefore, this written e-mail communication, including your e-mail address, may be subject to public disclosure. From: Dave Miner Sent: Monday, November 26, 2012 4:48 PM To: Gary Real Cc: Mike Stenson Subject: Property Insurance wording Mr. Real: This is out of a new lease that we are negotiating with the company to come into the Bob Sikes Airport in Crestview. Is this wording sufficient? (b). PROPERTY: LESSEE agrees to maintain property insurance on any permanent building or improvement constructed on the Property in an amount not less than full replacement value of such building and its improvements and agrees that the proceeds from such insurance shall be used promptly by LESSEE to repair and/or replace the hangar building and any improvements thereto. LESSOR shall be listed as a joint loss payee with LESSEE on all property insurance policies unless LESSEE is required, under the terms of any mortgage or other security agreement, to name the lender therein as primary loss payee under such coverage. In that event the LESSOR, shall be named as second loss payee and any other loss payee shall be subsequent to that. Thank you. Dave Armada Systems 2172 W Nine Mile Rd # 389 Pensacola, FL 32534 850-664-5197 PAY . . ororror_OK, Ca Auicpoed- Adlmin. 63-566/632 1 51 08 _larS dd \ls 1$ /OOO. ‘0 Cee. Phruaadl 4 ie0 pottars ff) m= First City Bank 135 Perry Ave. SE Ft. Walton Beach, FL 32548 FOR Age. 't063 2OSEB4I: 069,00 LLVOME, - O&